ALFI REIF Survey 2023

Welcome to the ALFI REIF survey 2023.

Year on year, our survey offers a more comprehensive picture of the real estate investment fund market in Luxembourg.

This 17th edition illustrates that Luxembourg remains the favoured location to establish and maintain multi-geographical and multi-sectoral regulated REIFs, which continue to appeal to institutional investors and fund managers from around the world.

The prevalence of the RAIFs is confirmed with 215 funds surveyed, compared with 172 in 2022, 134 in 2021, 98 in 2020 and one single RAIF in 2016, the year of its inception. The number of SIF surveyed stands at 213 in 2023, which equally amounts to 30% of funds covered in the 2023 survey (37% in 2022, 40% in 2021).

By Q3 2023, AuM reached EUR 135.889 bn*, a 7.2% increase compared with Q3 2022 when AuM reached EUR 126.769 bn.

As in the past, new funds were launched overwhelmingly by initiators/AIFMs from Europe (mainly Benelux, France, the UK and the Nordic and Baltic countries) and from the US.


* Source: CSSF/ ALFI, net assets under management of Luxembourg investment funds (Part II funds and SIFs).


Net assets under management in Luxembourg real estate funds

*includes institutional real estate funds preceding the SIF Law (pre-2007).




Total number of surveyed REIFs

EUR bn

By Q3 2023 AuM reached EUR 135.882 bn (Source: CSSF/ ALFI, net assets under management of Luxembourg investment funds (Part II funds and SIFs))


Highlights of the survey

Larger REIFs continued to grow, confirming last year's trend

The 2023 ALFI REIF survey shows a continuous increase towards larger funds, which also points to an overall growth of AuM.

Interest in RAIF remains

Statistics confirm that the interest in RAIF has not slowed down, with a total of 215 funds surveyed, compared with 172 in 2022.

Europe, main investment destination

Similar to 2022, 63.1% of the surveyed REIFs invest in Europe, whereas 8.5% of funds invest globally (no geographical focus), 6.5% in North America and 6.9% in the Asia-Pacific region.

SCS/SCSp continue being popular

SCS/SCSp legal structures continue to be the most popular among the funds surveyed this year, representing 59%.

Multi-sector strategy, the new trend

More than half (51%) of the REIFs surveyed report a focus on more than one sector (“multi-sector focus”), noting an increase from the past years (49% in 2022 and 47% in 2021).

Smaller funds

Smaller funds continue to make up the majority of REIFs with 45.5% with a NAV of under EUR 100 million. That represents a decrease of 1.2 percentage points compared to last year's survey results (46.7%).



Legal regime and structure

Origin of investors

Investment style

Target sectors


About this survey

The ALFI REIF survey is compiled annually by the ALFI head office with the help of the ALFI REIF Survey Working Group in the most comprehensive form possible.

The ALFI REIF Survey Working Group would like to thank all those involved in the survey, from responding to the survey questions and compiling the data to providing commentary.



The main objective of producing this survey is to gain an understanding of market trends rather than claiming to provide complete and comprehensive data, although a significant proportion of the Luxembourg REIF market is captured, see section V.



The ALFI REIF survey was conducted during the third quarter of 2023 and reflects the market composition as at the end of September 2023.

It is based on a comprehensive questionnaire that included questions relating to each fund’s:

  • liquidity management actions related to various factors (Covid-19, geopolitical, inflation and central bank responses),
  • legal structure and regime,
  • investment style,
  • geographical investment region,
  • target segment of investment,
  • net asset value (NAV), gross asset value (GAV) and target gearing,
  • distribution method,
  • fees,
  • investor type and origin,
  • accounting standard (GAAP),
  • consolidated accounts,
  • valuation methodology, and
  • service providers.

In order to offer additional perspective and insight into market trends, certain results are compared with those of previous ALFI surveys.